Chapter 9
Written promise to pay.
What is promisory note (N/R or N/P)?
Contra account that reduces accounts receivable to reflect the amount expected to be collected.
What is Allowance for Doubtful Accounts?
Number of shares allowed to sell
What is Authorized stock?
Government agency that requires public companies to file annual financial statements.
What is the Securities & Exchange Commission?
Ferris mascot
Who is Brutus?
Amounts customers owe our company.
What are Accounts Receivable?
Contra asset account divides the cost of fixed assets over their useful lives.
What is Accumulated Depreciation?
Shares currently owned by stockholders.
What are shares outstanding?
Important legislation passed after several accounting scandals in the early 2000's.
What is Sarbanes Oxley Act of 2002?
Ferris was founded by this couple.
Who is Woodbridge and Helen Ferris?
Accountants prepare this schedule to see how far A/R are past due.
What is an Aging of A/R?
Contra revenue account used when customers return goods.
What are Sales Returns and Allowances?
A Corporation issues stock to shareholders for no payment.
What is a stock dividend?
The result of a 2-for-1 stock split of 10,000 shares of $20 par value stock?
What is 20,000 shares of $10 par value stock?
The name of the football field.
What is Top Taggart?
The date a note is due.
What is maturity date?
Contra revenue account reduces gross sales to reflect discounts given to customers.
What are Sales Discounts?
Two kinds of stock.
What is preferred and common?
A plant asset that is not depreciated.
What is land?
Year founded.
What is 1884?
Paying a note on the maturity date.
What is Honoring?
Contra equity account represents a company’s repurchase of its own shares.
What is Treasury Stock?
To incorporate, a business must obtain this from the State government.
What is a charter?
The term for a company that buys finished goods from a wholesaler and resells them to customers.
What is a merchandiser?
What was another name for FSU prior to FSU?
What is Big Rapids Industrial School, Ferris Industrial School, Ferris Institute, Ferris State College?